Facebook Pay will now be available to individuals and businesses in Brazil and will accept debit and credit cards from Banco do Brasil, Nubank and Sicredi. An article from Reuters covers the topic further:
“Facebook Inc’s WhatsApp messaging service rolled out a system across Brazil on Monday that will allow users to send money to individuals or local businesses within a chat, attaching payments as they would a photo or video.
WhatsApp is working with Cielo, Brazil’s largest credit and debit card operator, to process the payments. The news sent Cielo’s shares soaring 30% on a day when stocks worldwide, including in Brazil, were in red due to fears of a second coronavirus wave.
WhatsApp tested the system in India beginning in 2018. The Brazil launch will be the first nationwide rollout and will introduce the ability to directly pay a business.
The company has over 120 million individual users in Brazil, its second-largest market behind India.
‘WhatsApp is heavily used there, both by people and small businesses,’ Matt Idema, chief operating officer of WhatsApp, said of Brazil. ‘We think we can help grow digital payments, help grow the digital economy with small businesses, and help support financial inclusion.’ ”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
